金吾财讯 | 华泰证券研报指，中汇集团(00382)公布FY25业绩：公司实现收入24.89亿元（yoy+7.7%），归母净利润5.14亿元，yoy-28.1%，好于该机构此前预期的4.06亿元，主因下半年教师培训、出国交流等开支减少带来毛利率环比修复。公司维持约30%的现金分红率，彰显对股东回报的重视。该机构认为持续的内涵建设投入虽然短期拖累利润率，但长期有助于奠定可持续增长基础。 考虑FY25毛利率好于预期、资本开支有望逐步缩减，该机构预计FY26/27/28归母净利润为6.25/6.78/6.94亿元（上调34%/52%/-）。假设维持30%现金分红率，基于DDM估值的目标价为1.96港元（WACC为9.64%，永续增长率为1%）。维持“买入”评级。
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